Successful retailers work with an alchemical mix of art and science. There’s the intuitive sense for what a customer’s thinking and feeling, tempered with a heady dose of data-driven fact. Every decision a retailer makes – from purchasing and merchandising to how many employees to hire this holiday season – is informed by a bit of the heart, and a bit of the head.
Vend gives its customers access to highly-detailed, real-time data, which savvy Vend Advisors can drill into to help their clients make the most informed decisions.
Which products sell best? Why are some days are busier than others? Is our marketing working?
By drilling into the data, you can start providing your clients with useful insights into those types of questions, and get a full-picture look at your clients’ overall business. The ability to understand and communicate these insights can mean a huge boost to your value as a consultant.
Get smart about your clients’ customers, products, trends, and payroll today.
1. Target the best customers
Mine your clients’ customer data to learn who their best customers are, and harness the power of their loyalty. Clients can target these customers with special offers and incentives in order to drive repeat business. Word of mouth from satisfied customers is some of the best marketing out there, so encourage clients to provide rewards or discounts to best customers when they refer their friends.
2. Boost profit margins
Comparing the most popular items with items that have the best margins can bring up some fantastic ideas. Can customers buy larger amounts of popular items to reduce their wholesale costs? Can popular-but-low-margin items be bundled with high-margin items in a way that increases the profitability of both? How can your client raise the visibility of high-margin items, either in their stores or on their websites?
3. Ditch unpopular items
Getting rid of poor sellers is an easy call, but one class of products that can be easily overlooked are those that sell well, yet are returned at higher rates than other items. Use the data to identify specific products, sizes, flavors, or colorways that are being returned over and over again. It’s time to start asking why.
4. Target seasonal purchases
Paying attention to data collected over the course of the year can help your clients fine-tune their advertising, in-store layouts, and special offers to take advantage of seasonal shopping trends. Advisors with multiple retail clients using Vend will gain valuable industry insights. Comparing your clients’ data with that of their overall industry can help them see where they may be out of step – which may be a problem, or may be a fantastic opportunity for them to stand out.
5. Fine-tune staffing
Looking at sales to wages ratios on a daily, weekly, and monthly basis will help clients tweak their staffing to make sure their customers are getting the best service while no one’s sitting around twiddling their thumbs. That data can also help your clients understand when it’s time to expand or pare down their staff, too.
Vend Advisors receive valuable training, tools, and the ability to provide Vend+ service to your clients for free. Many of our Advisors are partners with Xero and QuickBooks Online, giving even deeper insights into the data, and improving overall service offerings. Learn more here.
About Tara Benedict
A former retailer (and unabashed nerd) who daydreamed about integrated POS software, Tara now delightedly recruits, promotes, and enables Vend's wonderful channel of add-ons and partners. An ardent sharer of Vend news and events, connect with Tara on Twitter, LinkedIn or Google+ and never miss an opportunity to meet up with the affable Vend team.